NatWest trimmed bonuses for its markets staff in 2023, even as revenue surged in the trading unit of the UK lender by 55%.

The 1,700 employees of NatWest Markets, which houses the UK bank's trading and debt financing functions, were handed a bonus pool of £93m for 2023, according to its annual report, which is down 8% on the prior year. This is despite revenue in the unit jumping 55% to £1.1bn last year.